Strong Spodumene Modal Estimates at Cancet Lithium Project

Lithium and cobalt developer MetalsTech Limited (ASX:MTC) is pleased to announce spodumene modal estimates from its recent 1,275m diamond drilling exploration program at the Company’s flagship 100%- owned Cancet Lithium Project in Quebec, Canada.

Highlights:

  • Strongly mineralised spodumene-bearing pegmatite confirmed in multiple drill holes at Cancet starting at or near surface, extending the high-grade deposit down-dip and east along strike
  • 19 diamond drill holes completed as part of Phase II with core samples sent for multi-element analysis including lithium and tantalum – results expected within three weeks
  • High-grade near surface mineralisation estimates include:
    • 16.40m (from 2.10m to 18.5m) mineralised pegmatite intersection within hole MTC17-049 with a spodumene mineralisation estimate of 30%
    • 12.57m (from 5.40m to 17.97m) mineralised pegmatite intersection within hole MTC17-043 with a spodumene mineralisation estimate of 20%
    • 4.14m (from 10.42m to 14.56m) mineralised pegmatite intersection within hole MTC17-51 with a spodumene mineralisation estimate of 35%
    • 4.89m (from 12.92m to 17.81m) mineralised pegmatite intersection within hole MTC17-53 with a spodumene mineralisation estimate of 25%
    • 7.61m (from 17.24m to 24.85m) mineralised pegmatite intersection within hole MTC17-050 with a spodumene mineralisation estimate of 20%
    • 25.32m (from 6.88m to 32.20m) mineralised pegmatite intersection within hole MTC17-044 with a spodumene mineralisation estimate of 10%
    • 4.25m (from 15.22m to 19.47m) mineralised pegmatite intersection within hole MTC17-051 with a spodumene mineralisation estimate of 10%
  • Main pegmatite zone remains open along strike
  • Drill testing at the recently discovered pegmatite outcrop ~1km east indicates potential for significant strike extension and parallel structures
  • Following completion of the Wuxi Baichuan Chemical Industrial Co placement, the Company plans to complete a ~5,000m drill program at Cancet and ~2,000m maiden drill program at Adina

Commenting on recent results, Executive Chairman Mr Russell Moran stated:

“Cancet continues to deliver strong lithium mineralisation starting at surface. We have been successful in extending the high grade mineralised zone along strike and down dip. Our recent agreement with major chemicals manufacturer Wuxi Baichuan Chemical Industrial Co Ltd to take a 10% stake in the Company will provide the necessary funds to advance resource definition and scoping studies at Cancet as well as maiden drilling at Adina. Since we announced the deal we have been flooded with end-user enquiries, both investment and offtake and will be in China next week advancing ongoing offtake discussions and corralling further strategic interest.”

The full announcement can be found by CLICKING HERE